Rich and poor want used vehicles

TO keep up with demand for quality used vehicles that are affordable, Park Village Auctions is to host another car auction on Wednesday.

“The last car auction held at the beginning of this month achieved great figures across all ranges of vehicles proving that buyers recognise auctions as a viable way to purchase the vehicles they desire,” says PVA’s Clive Lazarus.

The industry has noted an increase in demand for used vehicles with TransUnion’s South African Vehicle Pricing Index report revealing that 2.9 used vehicles are financed for every new vehicle financed.

A rise in the used-to-new ratio of vehicle applications from 2:1 in March 2015 to 2.4:1 in March this year has been revealed by WesBank’s head of brand and communications, Rudolf Mahoney.

“The general consensus in all vehicle-buying trend reports is that consumers in all market segments are exercising prudence and actively seeking value for money when buying cars,” says Lazarus.

This is apparent from sales achieved at the last Park Village Auctions auction, where the R1million mark was breached for a 2015 Range Rover Sport Super Charge with 25 201km on the clock.

The vehicle fetched R1.1-million and that sale was followed by a 2015 Land Rover Discovery TD V6 with 45 679 km on the clock selling for an impressive R831 000.

By comparison, the lowest price paid for a car at the same auction was R55 000 for a 2014 Ford Ikon 1.6 Ambiente with 100 123 km on the odometer.

This represents excellent value for money in the lower or start-up market segment and proves that auction sales are active across the full spectrum of income categories, from upper levels to lower levels and those looking to purchase their first set of wheels.

Lazarus further notes that while buyers naturally seek affordability, PVA’s auctions remain popular due to quality assurance and variety which they are able to consistently offer through selling genuine bank-repossessed vehicles.

Wednesday’s auction will commence at 10.30am at the auction house’s Bank Repo Centre at 221 Main Road, Martindale, where a large collection of passenger, commercial and executive motor vehicles will be made available.

Viewing will take place the day before from 9am to 4pm.

Interested parties can find more details on the auction at www.parkvillageauctions.co.za using web reference 12 689.